SC receives over 2,000 complaints on investment scams

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by ASILA JALIL / pic by MUHD AMIN NAHARUL

THE Securities Commission Malaysia (SC) received over 2,000 queries and complaints about illegal investment schemes or scams as of September 2021.

SC chairman Datuk Syed Zaid Albar (picture) said the figure had jumped significantly and more than doubled the total number reported last year.

“These scams typically promise high returns within a short period of time, with little or no risk. They are frequently promoted through social media channels, with payments required into mule bank accounts operated by scammers.

“Please be especially cautious of such investments. When investing, never deposit your money into someone’s personal bank account,” he said in his opening remarks at the Virtual InvestSmart Fest 2021.

In response, the regulator had taken action to combat the scams by making 202 new entries in the SC’s Investor Alert as at Sep 30,2021 compared to 134 entries for the…

Read full article at themalaysianreserve.com